Spot Gold Hits Session High Near $4,080/Oz After Final Consumer Sentiment Rises to 49.5, One-Year and Long-Term Inflation Expectations Ease

Gold prices climbed to a session high near $4,080 per ounce after the University of Michigan’s final June Consumer Sentiment reading improved to 49.5, while both one-year and long-term inflation expectations eased, boosting hopes that inflation pressures may continue to cool. The softer inflation outlook weakened the U.S. dollar and supported demand for gold as investors weighed the implications for future Federal Reserve policy.